Business News

Bharti Airtel’s merger deal with Dialog Axiata in Sri Lanka gets regulatory approval

Published

2 years ago

April 18, 2024

Dialog, Axiata Group, and Bharti Airtel have signed a Definitive Agreement to merge operations in Sri Lanka, aiming to deliver a superior experience to customers and improve returns to shareholders. Under this agreement, Dialog will acquire 100% of the issued shares in Airtel Lanka. In exchange, Dialog will issue ordinary voting shares to Bharti Airtel, amounting to 10.355% of the total issued shares of Dialog through a share swap. The transaction is subject to approval from Dialog’s shareholders and completion of specific conditions outlined in the Share Sale Agreement.

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has approved the proposed merger, emphasizing its commitment to advancing telecommunications services across the country. This consolidation is expected to yield economies of scale, reduce infrastructure duplication, and achieve synergies in technology and capital expenditure. It will lead to enhanced broadband connectivity, voice, and value-added services, along with cost savings and operational efficiencies.

Vivek Sood, Group CEO and Managing Director of Axiata Group Berhad, stated that the merger aligns with Axiata’s strategy of market consolidation and resilience, creating value for shareholders and achieving synergies. Dr. Hans Wijayasuriya, CEO Telecommunications Business and Group Executive Director of Axiata, emphasized that the merger will contribute to the growth and sustainability of Sri Lanka’s telecom sector, bringing new frontiers in customer experience and innovation.

Gopal Vittal, MD & CEO of Bharti Airtel Limited, expressed satisfaction with merging operations with Dialog, stating confidence that customers will continue to enjoy cutting-edge services on a seamless network. Supun Weerasinghe, Director/Group Chief Executive of Dialog Axiata PLC, welcomed the Airtel Lanka team to the Dialog family, emphasizing the commitment to delivering superior telecommunications services in Sri Lanka.

Ashish Chandra, Chief Executive Officer of Bharti Airtel Lanka (Private) Limited, highlighted the integration of Dialog and Airtel Lanka operations, anticipating new opportunities for innovation and growth to benefit consumers.

Business News

Nations Trust Bank records PAT of LKR 15.6Bn in 1H 2026 following strategic acquisition

Published

22 hours ago

August 15, 2026

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Nations Trust Bank PLC (NTB) reported a strong performance in the first six months ended 30th June 2026, recording a Profit After Tax (PAT) of LKR 15.6Bn. Following a PAT of LKR 4.6Bn reported in Q1, the Bank’s performance accelerated significantly in the second quarter with operations commencing 1^st May 2026, with the successful acquisition of HSBC Sri Lanka’s retail banking business, with an overall asset growth of 26% and a one-off tax credit attributing to the acquisition.

With the successful acquisition and integration of HSBC Sri Lanka’s retail banking portfolio in May 2026, the Bank consolidated it’s position as the market leader in credit cards and premium retail banking services. A continued focus on service excellence, digital transformation, and disciplined risk management contributed to NTB’s strong first-half performance.

NTB’s performance is supported by healthy asset growth, stable Net Interest Margins (NIMs) at 5.58%, and disciplined risk management resulting in a Net Stage 3 Ratio of 1.05%. Return on Equity (ROE) increased to 31.33%, reflecting the Bank’s enhanced scale and earnings momentum following the acquisition.

Business News

Milco records Rs.1.49 Billion profit in 2025

Published

3 days ago

August 13, 2026

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State‑owned dairy company Milco (Pvt) Ltd achieved a historic financial turnaround last year, recording its highest‑ever net profit of Rs.1.49 billion by late 2025, according to Agriculture and Livestock Deputy Minister Namal Karunaratne.

Deputy Minister Karunaratne told Parliament last week that the recovery enabled the company to halt privatization plans, clear debts, and extend unprecedented financial benefits.

On December 31, 2025, Milco disbursed a performance bonus of Rs.75,000 each to all 1,228 employees. In addition, Rs.180 million in profit‑sharing incentives was distributed among 22,000 dairy farmers, marking the first such payout in 21 years.

He further said that Milco had previously accumulated Rs.3.5 billion in bank loans and Rs.1.7 billion in outstanding payments owed to milk‑supplying farmers, but all debts have now been settled.

He further announced that the long‑delayed Badalgama milk factory project will recommence, with capacity to process up to 200,000 liters of milk daily.

Plans are also underway to upgrade the National Livestock Development Board’s farm in Nikaweratiya, with an additional Rs.1 billion budget allocated to supply high‑yield dairy heifers and male stock to local farmers.

Business News

Unable to pay debts, Hela Apparel files for winding up

Published

1 week ago

August 7, 2026

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Hela Apparel Holdings PLC has announced that it has filed an application before the Commercial High Court seeking a court-ordered winding up of the company after its Board concluded that it is unable to pay its debts due to continuing liquidity constraints.

In a filing to the Colombo Stock Exchange, the company said its Board reviewed the financial position of the group, including its realisable assets, liabilities, liquidity levels, indebtedness, expected cash flows and creditor obligations before determining that Hela Apparel Holdings PLC and its subsidiaries, Hela Clothing (Private) Limited and Foundation Garments (Private) Limited, were unable to continue their businesses.

The Board resolved on August 4 to seek a court-ordered winding up under the Companies Act No. 7 of 2007, with applications filed before the Commercial High Court on August 5. The two subsidiaries have also submitted separate winding-up applications.